Finance & Audit Committee
Lemont-Bromberek CSD 113A
Finance & Audit Review Committee
Lemont-Bromberek CSD 113A Mission Statement:
In District 113A, educators, parents, students and community members share the responsibility to create a safe, supportive and enjoyable learning environment.
All students will be challenged to grow academically, physically, socially and emotionally to become learners for life as well as productive and responsible citizens.
This shall be achieved through visionary leadership, innovation and sound management and effective utilization of our talents and resources.
Community Involvement in Accomplishing our Mission:
The Lemont-Bromberek CSD 113A Board of Education recognizes that this mission cannot be fully achieved without a full understanding of the current financial position of the District as well as a comprehensive understanding of the financial outlook for the district now and well into the near future. A clear financial plan, financial policies and procedures, and internal control designed to protect the financial resources of the District will assist in supporting the overall performance of the District. The Board further recognizes that community collaboration is a critical component of the District mission statement and successful development and implementation of this financial plan requires extensive community involvement and participation.
Therefore, in order to:
- build an ongoing process for strengthening communication and collaborative efforts with the community;
- assist the Board in hearing and understanding the District 113A community’s educational beliefs, aspirations, desires and priorities;
- provide a basis for reaching conclusions on issues concerning financial forecasting, planning and resource allocation;
- involve the community in planning for the future of Lemont Bromberek 113A;
- obtain relevant perspectives that build upon, expand and enhance the previous financial planning initiatives by the District; and
- define priorities and steps to determine the future financial health and welfare of the District;
the Board of Education establishes the Finance and Audit Review Committee.
Finance and Audit Review Committee Charge
The BOE hereby authorizes the formation of a broad-based coalition of BOE members, community members and staff. The charge to this group is to provide support to the BOE regarding financial and audit matters, and to act in an advisory role to the BOE as the BOE carries out its mission. The Committee is not intended to be a decision making committee or to partake in the day-to-day operations or decisions of the Superintendent, Business Manager, Treasurer, or any other district administrators.
Only the President of the BOE shall nominate candidates to fill any and all open position(s). Nominations will be presented by the President to the BOE along with a resume and background information for each candidate. A member will be appointed when a majority of voting members of the BOE present during a rightfully called meeting of the BOE vote in favor of a candidate nominated by the President. In order to ensure continuity and consistent contribution to the Committee’s work, members that miss 3 consecutive regularly scheduled meetings will be terminated from the Committee.
The Committee shall consist of the following:
2 - 5 members, each of whom must have a background in business and/or finance.
Staff of District 113A:
1- 3 members
Staff to the Committee:
TOTAL: Maximum is 9 members.
A majority of the Committee membership shall constitute a quorum.
Term of Office
A term is considered 2 years from July 1st*. Candidates will serve a minimum of one term, and can be re-appointed for additional terms per the membership procedures.
*Effective July 1, 2011, forward
*Note: Committee members whose terms expired in January of 2011 will complete their service to the committee on June 30, 2012.
The Committee shall function with vacancies, but with not less than 7 active members. All vacancies should be filled as soon as possible in accordance with the membership procedures. All vacancies must be filled at the BOE meeting immediately following the BOE meeting that the BOE received notice of the vacancy. If the BOE is not able to agree on a candidate, or a candidate cannot be identified, the President will present new candidates at the subsequent BOE meeting, and the process shall continue until the vacancies are filled. When a vacancy is filled mid-term, the new appointee will complete the unexpired term of the position filled.
The Committee shall be chaired by a BOE member as nominated by the President and approved by a majority of the BOE at a rightfully scheduled BOE meeting. The Chair of the Committee shall preside over all Committee meetings and shall make a full reporting of meeting business to the BOE at the BOE meeting immediately following any Committee meeting; and report any vacancies as soon as known to the BOE at the BOE meeting immediately following notice of the vacancy . The Chair is responsible for scheduling all meetings, creating an agenda for each meeting, and providing approved minutes that accurately reflect the activities and business of each meeting to the Superintendent. The Chair is responsible for keeping attendance of each meeting; coordinating meeting space; obtaining any materials required for a meeting; and conducting the meeting in accordance with and compliance with all applicable laws, rules, and regulations. The Chair shall appoint a Secretary to prepare minutes of each meeting.
The Committee shall meet at the call of the Chair, in compliance with all applicable laws, rules, BOE policies and regulations. The Committee shall meet on the fourth Wednesday of the month (excluding school holidays) plus any special meetings, unless another date is approved by the BOE.
The Committee is charged to:
- Review and make recommendations on financial procedures and policies;
- Review and interpret financial statements, data and trends for a quarterly report that summarizes the results of this review and submit this report to the BOE within two months of the end of the quarter;
- Share business and financial best practices from the private and public sectors;
- Review the District’s annual 3-5 year financial plan and prepare a report to the BOE each November; and
- Respond to special requests of the BOE as related to financial matters.
The Committee is charged to:
- Review the results of the annual audit as prepared by an external independent licensed CPA, before presentation to the BOE;
- Review management letter comments/ internal control weaknesses as reported by the external auditor and make recommendations to the BOE to resolve/address reported weaknesses;
- Review management’s corrective action plan for all management letter comments, and follow up on the corrective action plan, and report progress to the BOE;
- Assure independence of the external auditor;
- Provide a recommendation to the BOE regarding the appointment of the external auditor;
- Meet with external auditor prior to commencement of the annual audit to review the engagement letter, timing of the audit, and assignment of duties;
- Make a recommendation to the BOE on accepting the annual audit; and
- Consider internal controls as needed .
Approved by the Board of Education: February 21, 2012